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tv   MONEY With Melissa Francis  FOX Business  September 18, 2012 12:00am-1:00am EDT

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all right. "money with melissa francis" is next. ♪ melissa: i'm melissa francis, and here is what is "money" tonight. the inferno in the middle east spreads. protests take pakistan and indonesia by storm. the u.s. scramble's amid the security vacuum. how much worse with it? plus, a major drilling project in the arctic. the oil giant failed to get a critical government permit, leaving the oil on ice until next year at least. is the government to blame? and new polls find mitt romney losing voter confidence to let tackle the deficit. can the romney campaign is latest ad lib on the economy regains voters fate? we'll get reaction from top from
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the economic adviser glenn hubbard in a fox business exclusive. even when they say it's not, it's always about money. ♪ and first call let's take a look at that market headlines. stock fled back for multi-year highs last week. gridlock in the european debt crisis talks and up manufacturing bump around the new york area gave stocks their first loss in five sessions. the dow closed down 40 points. apple's iphone 57 s sales record . the smart phone received 2,000,003 orders in 24 hours of availability. the figure is double the previous amount sold by its predecessor. the iphone 4s. shares of apple sold -- closed up more than 1% to muscling a record high. the former ceo of peregrine
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financial group has been found guilty of embezzlement and mail fraud. still more than $100 million from customers of his now-defunct futures brokerage. a court has ordered him to remain in jail as he awaits sentencing. now to our top story. earlier today, oil prices took a stunning 3% dive in less than a minute. the plunge track that down spots and u.s. dollar and other commodities. investors and traders are scrambling to figure out exactly what happened. the cftc now says it's looking into the sudden drop. joining us from the cme, help us make sense of all of this. the senior vice-president with tram. thank you for joining us. i saw this move happen, and it was across the entire oil complex. what do you think happened? >> i think it was due to the fact that we have some thin holiday markets and we have oil expiring today. those two things, the options expiring can lead to this. the reason i am not going to buy into the fact that it's going to
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be a fat fingers when we see something like that happen, it's just usually one month that drops in the spreads away at a black. this was kind of a wholesale fall. i think that we have some very thin markets and a market trading down as quickly. there was nobody there and we had an oil exploration which kinds of things. i like to add one more thing. one more thing. i think ultimately across the globe today you had this big. >> sale because we have all the expectation built to last week with what ben bernanke said. we through the kitchen sink. an unprecedented move the unit on thursday. our problems. we also feel kind of giddy and get about it. but after you read the press and start looking at what was really said, i think that we came in this morning with one of these, hey, what if it doesn't work and the feelings. i think that permeated everything, and will was exaggerated. melissa: what would happen in that one moment? appreciate everything you just said, but a lot of people will point to of that figure trade like you said, somebody pushing the wrong button putting in an
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order they didn't need, some kind of electronic trading pledge because it happened all the sudden. >> well, if it happens all the sudden on a fat figure trading which it doesn't happen in every single month. it's usually just one month, one trade, one work. because it didn't happen that way and looks as though there was a wholesale drug, i tend to believe that all those markets are so interconnected with the spreads, electronic trading. once they started to fall, those things all was due to the fact we didn't have anybody really trading, or at least not as many people. we also had some errors in there because you can go through some short strikes. there needs to be some future very quickly. those two things could actually do that. melissa: is frustrating to people out there watching to it that there could be such a big move like that, like you said because of expiration's and this and that. when this kind of impact everyone. it does not like when stocks go along you say, these are people there in the market, risking their money. this is energy, it is everyone.
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the trans -- the food you drive -- defeated by the car you drive. it could go up just that easily. >> i expect it will. we have some problems in the middle east that will call this to be a bottom that we set for the short term. those things are not going to be going away the printing of money and of the market did say something today. took a step back. but before going to print money, you're going to see some of these things rally. we talked about an hour of system we have this wider trade going on. silver, wind, art, gold, and real-estate. those are assets. going to be a things that are rallying in the face of this never ending printing of money. we will stop printing money into things get better, and that could be five to eight years away. oil has to be part of that. melissa: let me end with the most important questions. drivers a been watching the
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price of the pump go up the time of year when we normally see it go down. where do you think the price of oil goes from here, and what is the impact on drivers? >> has a very good question. you're a trader, these guys have been doing it like after 25 years. when you start to see cyclical trading stock to be broken, is telling you something. the market is trying to tell you that either we don't have the oil or they're is a significant something about to happen out there, and that the geopolitical rest of the oil market right now , you even mentioned some problems. we're going to see that. there's going to be a big. there are any problems or any pipeline interruptions, you'll see that oil price spike over $1, hundred dollars is lee. melissa: that is bad news for americans in the recovery. this will talk more about this next. that's move on to the anti-american violence in the muslim world now engulfing 22 countries around the globe. the richest talk about the potential impact on oil.
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the stability crumbling across the region, can anything be done to restore order? fox business middle east terrorism expert following these protests very closely for us. thank you so much for joining me. how much more severe do you think these protests get? because to a lot of americans it feels like it happened sort of suddenly, but it also has a lot of momentum. is that the right characterization? >> for most of those, of course. this is happening overnight. it's just increasing. those who are following, experts and analysts to understand that once you have a network that is operating in many countries of the west pakistan and indonesia, you're talking about a commanding control. there's a war room doing the command-and-control, and that means they're going to spread it as much as they can until they meet the objectives of the one.
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>> if we assume this is the extremists, what they're trying to do is put tremendous pressure on american embassies, american consulates. i do suspect economics, the real goal would be ted intimidate american economic interests, companies, multinational companies be so that the united states would react in their favor. melissa: so they were what? leave these countries, try and it includes american policy? when they get these multinational companies to do? >> look at the first-aid, what's happening right now. the united states has to for security reasons withdrawal. would draw people from those countries. that would leave the companies alone, and there would have protection, coordination with the embassies. this is where a second wave is possible that would hit those companies with the interests or their allies. my concern would be if the wrong moves in, so far it hasn't, but if they move in on the eastern side of the mediterranean and the gulf area then we have a war crisis. melissa: what's interesting is
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we have seen businesses get attacked. we're focus of most corn on the protest, but i don't think that's been as much focus on what's going on with international companies. this could have a big economic impact. >> welcome before the embassies and consulates were attacked we were not focusing on this. now that there have been a tax money to focus on the next potential, you know, targets. this is why the administration, the private sector must put a lot of effort and protecting. making those companies and their workers and their allies, localize aware of the possibilities x look. just mentioning in the introduction, were commute 20 countries of this plan time. that's not a full-fledged power. there are still measured. still targeting open diplomatic centers and maybe they look to a company's. so it all depends on how the administration's going to react.
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melissa: what you mean firmly. >> first of all this blood pressure on the governments of a responsible for the security of these companies are these indices to be for example, the president of egypt. we should also work very closely with the libyan government to go after allocated. pakistan and indonesia, as opposed to the allies. i suppose the devastation -- the administration should be working closely with these governments to make sure our interests are safe. melissa: hanging in the balance is the price of oil. it looks like there's a fundamental change in the way that we normally tread this time of year that can be traced back to this. so it's all coming together. thank you for coming on. we appreciate your time. >> absolutely. melissa: and a comeback for occupy wall street. supporters from lower manhattan to mark the one-year anniversary can the protest over income inequality impact the election? is it all just antinoise? plus, shall fails to win a critical government permit, drilling on a vast new
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underwater oil field in the arctic is postponed until at least next year. we're talking about this last week. strict regulations permanently cripple access to its 26 billion barrels of oil. more "money" coming up. don't go away. ♪ [ male announcer ] wouldn't it be nice if there was an easier, less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to legalzoom.com today for personalized, affordable legal protection.
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melissa: all right. remember these test? of -- occupy wall street has been largely silent -- there they are. leslie silences last winter, but supporters are hitting the streets of lower manhattan to celebrate its first anniversary. it is 73 degrees outside. pushing to regain relevance with the election around the corner. can it successfully influence key economic issues with of fizzling out? for joining me now, frank ackerman, a professor at the university, and an occupy wall street supporter if. thank you so much for coming on tonight. now, occupy wall street comes back out again. i heard a lot of people say today that they still aren't sure exactly what the message or the goal is. what do you think the message is that they're trying to get across? are the successful at communicating? >> i think the message is that the u.s. economy has become
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astonishingly unequal. we have seen 30 years until this recent economic slump of growth which has benefited the people only if the top. the average worker has roughly kept pace with inflation. the average household has moved ahead a little bit only because wives have gone to work in the paid labor force more and more. we are nearing the end of even that mechanism for household gaining. so in the richest country in the history of the world the average household is struggling to keep -- melissa: income inequality is the main message. what do you think it would like to the -- sea done about it? we have not seen a lot of potential policy, and it does not seem like the president supports that. >> i don't think that they have developed policy, but i think that they have brought a critique of things that are wrong that neither party is talking nearly enough about into the public arena. so they have changed the discourse, the language of the 99% verses the 1% which has
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become part of political discussion. you hear echoes of it sometimes in the campaigns. i agree. melissa: it was originally, but i think they sort of undermined their own message with a lot of the violence that we saw in oakland, california. also things like, you know, you have the movement resource group which raised $300,000 to parcel out as grants to protesters, and they said their goal was to raise almost 2 million. so paying people to go protest in income inequality sort of undermines what they're out there about, doesn't it? >> well, i think the moments of violence were very brief in one location. there were occupy encampments in dozens of cities all over the country. as of the one in boston. there was no violence there. you know, one city after another. and sometimes it was one moment in which some people acted in an undesirable, violent way. in terms of raising money to my need to make you look at what
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the campaign's cost in the united states, $300,000 is an f2, you know, waved goodbye to the television cameras. it would be a blip. melissa: with the idea is this is google willing to go out there and sit in the park and that you find that they're getting paid to do that. it is sort of undermining the whole idea because, you know, paying protesters to go sit out makes it seem like their employees and corporate citizens like everyone else, and it seems like the movement at first was taken very seriously, especially in the mainstream media. then it became the butt of many jokes and you saw the president and other democrats that normally would line up with the sort of distancing themselves from the movement. what do you think they did wrong along the way? could they turn that around? >> i don't think that any significant number of them were paid to do what they do. i didn't encounter anybody who seems to be there because there were paid in my contacts with occupy boston. i don't believe that was a large part of the picture, and that the $300,000 for a national movement is a ridiculously small
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amount of money, so i don't think that it was about that. i think that they did present a critique that brought an issue into the public view that needed to be there. this economy is being run to benefit a very small number of people who are getting all the gains, tax cuts are increasingly focused just on the people at the top. that is a critique and a point of view that needs to be out there. i agree, they did not figure out how to make that into a political strategy, camping downtown until the world changes is not really a strategy. it was a way to draw attention to that critique. melissa: all right. professor, thank you for coming on. we will see what happens from here. it's beautiful outside, and they're back. it will probably be out for a while. thank you so much. that brings us to our question of the day. do you think this round of occupy wall street protests can influence the economic issues driving the election? we want to hear what you think. you can like us on facebook. or follow me on twitter.
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all right. shell oil takes one step toward another back. our member we told you just last week of the company is drilling for massive new oil reserves off the alaskan coast. well, it's just decided to postpone its plans all because it cannot meet the coast guard safety certification standards. how troubling a sign is it for the u.s. recent oil protection don't? joining me now, congressman ed wakefield, chairman of the house energy and power subcommittee. thank you so much for joining us. you know, i was looking at the details of this in particular, and this seems like they spent billions upgrading a barge that has to be on site in order for them to do the drilling. the coast guard at the end of the day did not cleared for its duty, so they had to scrap their plans because now the ice is moving in and tell the end of last year. do you think this was too much regulation and an abundance of caution? legitimate to mecca would characterize it? >> well, melissa, the obama administration has been so
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aggressive on new regulations, both on emissions as well as on permitting that it has really been unprecedented. this company spent right at four and a half billion dollars, and it took six years to obtain the initial permit. so the aggressiveness of this administration on new regulations is really unprecedented. melissa: it's hard to know in this particular case without being there, without having the evidence brought to light on the show in front of us to know if this bill was really in danger or if it was too much regulation. i read a lot of the details, and it's very hard to tell. it does prove the point that they are out there in a very difficult area trying to drill for oil. some make the argument there are easier areas that the government will let them here. do you think that is a valid argument? >> i don't think it's a bad argument.
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on federal land oil production has gone down about 285,000 barrels a day of the last three years. on private lands like in the dakotas and elsewhere, oil production has gone up dramatically. so there is a policy in this administration to make it more difficult to drill for explore on federal land. melissa: so where do we go from here? 10% of our oil on a daily basis comes from the arctic. this is an important region a matter what you do. the same time, bp has sought one-and-a-half billion dollars into drilling in the same region . they are abandoning, you know, their project, at least for now because they're saying it's the sort of good money after bad at this point. how important do you think this will list? >> i think it is very important that we be oil independent command we have the ability to do that. the balkan field is just a real boon for oil production in america. we have the ability by the end of this decade to almost be
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independent in oil and, of course, that affects all of our transportation needs. but on the other side of the aisle, we need to be concerned about our electricity and the energy that we use for that. this administration, i have said throughout -- sat through many hearings, and i can tell you, they are major obstacles to america becoming energy independent. melissa: on that point, i have been very concerned that we have seen a big fracking bill in this country, and part of the reason is because it is relatively new and not that closely regulated. you know, but now we could see regulators in washington waking up and sort of cracking down on fracking. how big of an impact would that have? and is there a way to make sure, you know, we are doing this safely but at the same time not stop the boom the we have seen. >> well, fracking has been with us for some time. there has never been a problem with it. epa and other agencies have been looking at it pretty thoroughly, and at this point from don't think they have the evidence to
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make it more difficult to use fracking, which is vitally important for both oil and natural-gas production. melissa: it will be interesting to watch. thank you for joining us. >> thank you so much. melissa: we have to go to some breaking news we have right now on unexplained dives in oil prices that we saw this afternoon. let's go to robert gray with more details on the story. >> reporter: we have been following this very closely. definitely a big drop there, and explained thus far. the cme group said they will not, repeat not cancel any oil market trades made during the sharp sell-off this afternoon according to a spokesman at the exchange. again, they are saying there will not cancel any of those oil market trades. we know that the cftc is looking into the trades, but the cme is not canceling any. melissa: interesting. we have gone on from the beginning of the show talking to us about he does not think that this was an accidental trade. this was, you know, the result of contracts expiring in rolling over, maybe light trading in
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reaction to friday's big run-up. it will be interesting to see what happens from here because that was a huge move and the big deal to consumers. mitt romney losing ground with voters on the issue that should be a slam-dunk for him. that is fixing the deficit. can his new ads put a stop to decide? top from the economic adviser glenn hubbard joins us in a fox business exclusive coming up next. plus, kicking uncle sam to the curb. once the government to dump its stake in the other makers even though it would cost taxpayers billions of dollars. we are putting an end to government motors. details on that coming up. too much money. no way. we will be right back.
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>> we have a moral responsibility not to spend more than we taken. we can't keep buying and spending in passing a debt to our kids. al stop it. >> barack obama, more spending to more debt, failing american families. >> i mitt romney, and i approve this mess is. melissa: that was the latest from the and slamming president obama's efforts to tackle the national debt. rasmussen polls show romney getting traction with voters nationwide. however, recent polls show voters romney's ability to deal with the deficit and government spending are slipping. it was a 17. advantage in that category. now it has shrunk to just a three-point advantage. so can romney's tv ad liz prevent him from striking out on an issue that should be a slam dunk for him? with me now in a fox business exclusive, glenn hubbard, romney's senior economic adviser
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in the columbia business school dean. thank you for joining us. why is he losing traction on this one issue in particular? >> i don't think governor romney is losing traction broadly. the issue is pretty clear. president obama has proposed a permanently higher level of government spending for his ability to gdp. no clear way to pay for it. governor romney has proposed spending, restraint and intel now reform. this is one that should be very clear. melissa: is, but the polls show quantitatively he was leadi by 17 points in this particular question, and now what a shock to only three points. what do you -- i mean, that is a shrinking a matter how you swipe it. >> another politician, and a threat here to talk about polls. i can tell you that whatever romney has is the only clear plan for fiscal restraint him in the race. he has outlined very clearly how to get government spending down, how to reform entitlement. the choice between the american people is, to you want to have a much larger government and higher taxes or a smaller government and lower taxes? it's just that simple.
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melissa: the conversation that people have about that is that the message is not exactly clear. there are two answers to your from the public when you say what is mitt romney's plan? the this is to cut taxes, which kind of comes across as cut taxes for the wealthy or that it is a 59. plane and that so many points, it's hard to narrow down to what it is really about. do you think their is a way to make the message more clear? >> i think it's very clear. first of all, we have got to do in this economy is prioritize economic growth. if we do that, it's our living standards, jobs. how? we need tax reform. it's not about a tax cut similar foreign are uncompetitive tax system. we need to have budget restraint. we need to have regulatory reform, and we need top like america's energy potential. if we do those things we can have much faster growth over the next four years and about 12 million jobs. if we don't, it's more of the same. melissa: but, when you say tax reform and regulatory reform, i think that is hard for people to get their mind around. it sounds like words that don't
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mean anything. at the we just showed, he made a very strong moral argument for. he said, you know, we have a moral obligation to not spend more than we have and pass that debt on to our kids. he think that is a better way to fan the argument? >> at think it's a great argument on the budget, taxes, all tax reform means is, we need to get marginal tax rates for all individuals and businesses to make america's saving, investment, and entrepreneurship much more competitive. to pay for that we will have to broaden the tax base. governor romney is exactly right a nation that continues this kind of fiscal imbalance will be handed to our children birds is simply cannot sustain. melissa: when you say cut taxes and broaden the base, a lot of people see that as matt that does not work. how do you drive home the point that is possible because it sounds like the lower taxes and end up getting more revenue. that sounds like that -- you know, it sounds like things that most of the public that does not focus on economics as surly does
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not believe. >> well, it's pretty simple. that's the back to president obama's of this commission, which by the way, he forgot about, the ball since the plant. both simpson would also have lowered rates abroad the base. bowles simpson was trying to raise net revenue. governor romney is only trying to break even. it is possible to cut marginal rates, broaden the tax base, not lose revenue and preserve tax fairness. that is easy to do. balsams and is just one way. melissa: should he just say, we are spending ourselves into oblivion. it will turn into a greased? if you have to make it more passionate and simple, no? >> well, i don't think the u.s. is greece, but i do think we are well on the path to a situation that we cannot sustain. president obama's budget wants a permanently higher level of government without saying how we will pay for it. no president has been as reckless. melissa: said think it's morally empty tub morally irresponsible. that was a great argument.
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let's stick with that. thank you for coming on. we appreciate your time. gm ramps up pressure to sell its entire stake in the automaker. is it time for uncle sam to ride off into the sunset? even if it means billions of dollars in taxpayer losses? i don't know about that. plus, mayor emanuel takes -- striking chicago teachers. does he have a real case to force teachers back into the classroom? "money" coming up. ♪
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six breaking up -- looking up is hard to do. wants to shed its government motors reputation wanting the government to sell off its remaining 26 and a half% stake at a loss to taxpayers.
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gm claims it is hurting the business and the ability to recruit top talent. is it time to the finely cut losses and other separate ways? should the government make sure is getting better every single penny from gm? with me now, step burgess, a senior editor at aol auto. thank you for joining us. as the star was making the rounds today, all i could think to myself, and gm ceo is doing a good job. all i could think, when you needed them, but now you want to get rid of the government image, so you what the taxpayer to test it out for a loss. too bad. >> i think they do need to get out. at think that it really hurts gm to continue to have this label and stigma of government motors. and nobody wants one quarter of their business run by the government his or own but the government. >> no, i agree with you. a think it would be better. to bad. they took the government in the
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first place when they needed the help. now when it's out working for them they want to say get lost at a loss, and that's your and my money. such is the government. it's taxpayers that went in and help them out. that's not fair. >> i think the money paid dividends in saving the company. keeping it together, and by doing that i think it was worth the price. overall is going to us -- that with this may be 15 billion. melissa: is that some change to you? i don't have $50 billion. the stock is trading around 44. has to be 53 for me to get my money back. i don't know why the company is on the rebound-it's a little loss. i think too bad. >> one of the reasons that the stock is undervalued is a lot of the big financial institutions will buy it because the government owns it. melissa: yes.
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>> the government shouldn't on it. >> but that was predictable in the first place. when they originally got and, this was one of the kings that was going to be bad down the line, one of that negative externality spiritous because it's happening the, why should the taxpayer, they took the risk of going in and saving the company in the first place because it's still -- we could have lost all of our money. now because it's working out that one is to get out for a loss of that they can have a better balance. not fair. >> ultimately nothing will happen before the election. no one will make a decision on this because there is no way the obama administration would come out and say we lost $15 billion. romney has said that we should sell it. that's the choice. at the people are going to have to make it. i don't think anything's going to happen for a while. melissa: you're probably right about that. we should have made this a disagree with me.
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that was fun. >> thank you. melissa: to do i was so passionate mayor emanuel striking chicago teachers with a lawsuit alleging the walls to about what is illegal. expert analysis next. an interesting twist. at the end of the day it's all about money. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies,
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melissa: out of the classroom and into the courtroom for chicago teachers. the mayor slapping the union with a lawsuit to get them back into the classroom with more than 350,000 students. the mayor alleges the strike is illegal. does he have a case? joining me now, to one legal analyst and criminal defense attorney arthur qaeda. breakdown for me. so let's start at the beginning. what is there argument? >> the mayor is going to court and saying, your honor, i am asking you to order the teacher's back into the classroom. and he wanted to be done
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immediately today. so everyone knows, that did not happen. the judge says, and its intent to go over this. and not ordering them back into the classroom today. i need a couple of days to figure this out. melissa: was is basis? >> they do not have a right to strike based on teacher evaluations and those types of trivial issues. they only have a right to strike is based on pay, finances. melissa: it has to be about money. >> right. and this is not about money. all they have debt allege in their paper work, one percentage is about money. and he did promise them 4% increases last year. now he has rescinded that. that is part of the platform. they will get over that hump. now the mayor has a second point. this strike is endangering the welfare of the children because they are out of school. melissa: i think that's a good argument. if i was apparent in this district would be reporting at. >> and the parents are.
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one day, two days, we will back you up but now we're into the second week. however, right after summer break to say that children who were just on for two months, if they stay home and extra week, their welfare is in danger. it's a little bit of a wrist. parents do plan for when children go back to school. obviously day care and health care and those kinds of things. the biggest argument is 50,000 children depend on the meal plan to eat. that's their strongest argument. melissa: that is a good argument. that is the strongest argument. what does children during the summer? >> counterpoint. and that's where the judge may say. families to have budgets. they say, we only have to feed the kid up until september september 10th. in the back-to-school. now we are in the school lunch plant. well, tenth, 11th, 12th, 13th, 14th, and there is no school. parents who will work and are used to having and -- maybe there was college kid around who was able to watch the child
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up until the end. now they don't. he's been very vocal. by son is going 15 miles away to my cousin's house. melissa: and if the court orders the teacher back to school, the really what the teacher taking care of your child a who was forced back to the class of? a lot of people are surprised by how long it has taken so far already. some people said this is all a stunt. it will be a day. other president obama will come out and settle down. a lot of gamesmanship going on. now it has been more than a week. >> regarding the gamesmanship, that is where the teachers are saying this little pieces. this is the mayor doing what he does best, being a bully. he's bullying is using the legal system to try to force this. he sank about reach an agreement. melissa: and going to put you on the spot. what do you think will happen? >> i think the judge will be
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smart enough to delay this long enough to keep everyone's attention like this and then it will settle. both sides have less serious interest in selling this matter before a judge makes a decision. however, i don't think the judge is going to force the teacher's back into the classroom if that is -- melissa: at but they all had an interest in selling it last week , surprised. >> more money, more pressure. i don't think the president of the united states gets involved, especially because of his relationship. makes it that much. melissa: next week or something? >> i just think it was mayor bloomberg when he was not making the into personal connections. the president to rest a little bit more. melissa: i don't know. okay. thank you. walmart moscow, to save money live better. just don't tell the employees ripping apart customers $100 bills right in front of her. this is a crazy story. we will explain it to you next. you can never have too much money, especially $100 bills that would erupt at the walmart.
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we'll be right back. ♪
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retail it time for a little fun with spare change. we are joined by sandra smith
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and ashley webster. thank you for joining us, guys. it's always a blast. first up, on march 1 ever deal to build a store in new york is no more. the store failed to reach an agreement with a development from brooklyn. for now, new yorkers will just have to wait. wal-mart said it would continue to look for a location because most new yorkers would like the discount giant open a store. nothing against wal-mart. >> my problem with wal-mart is yes, if you live out in the suburbs, it's great. but the locally owned stores, they drive the prices down. >> if you build it, they will
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come. you have seen on every wal-mart that they have put up in the united states. this is the free market and capitalism. if it is meant to get built, it will get built. although we have a key marketing home depot. so what is the problem with wal-mart? if you like maybe there is more to this story. >> it is an iconic brand. there is no doubt about that. do they treat their workers well with health care benefits and all of that. melissa: unknown. we don't want wal-mart in her and this and that to bottom line come you can get some amazing deals. >> one thing is for sure is that they will have a big battle ahead of them. can you imagine? melissa: so you're saying in effect capital of the world? -- okay, all right. i understand. all right.
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more wal-mart for a woman was humiliated when she had to 100-dollar bills, wal-mart employees leave her bills were fake so they just ripped them up. that's not all, the woman was detained for more than four hours in front of customers at a san antonio wal-mart. now she has filed a complaint. asking for $75,000 in damages. and she's going to get the money? >> the story says she gave him the 100-dollar bill, they ripped it up and then they put a test over it. because i didn't realize that's what they were doing. >> to get a lot of fake money? >> i think it was like 2:00 o'clock in the morning or something. the maybe not everyone is at the top of their game. >> you can scan it or test it, right? melissa: it seems like you would scana before you rip it up. these employees are trained hold it up to the special light. two absolutely. melissa: these employees are on the hook. actually accept any dollar bills that are carpet or whatever.
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they are on the hook for it. this is very harsh. i think the women obviously have a case. she was embarrassed for this happen from other customers. she's held for four hours,. >> from what i can tell, the cashiers were telling other customers why she was humiliated. melissa: and that wasn't even the case. >> rs for love or money. melissa: an israeli inventor has built a bite out of a cardboard box, and get this -- you can even write it. it only cost $9 to build. he could sell for between 60 and $50 for it my question is, is it waterproof? >> assumes it rains it probably melt. melissa: if we want is more closely, i don't know, what you think? you want a cardboard box bicycle?

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